Well, let's get some more perspective on the fixed income markets now. And joining us from Hong Kong is Greg Peters, CIO for Public and Private Fixed income at PGIM. Greg, thanks so much for joining us today.And I do want to kick off with that data that we saw out of the US. The ADP November payrolls slipping pretty much seems to be the consensus that that's nailed on a Fed rate cut for next week. But what kind of commentary do you expect to hear now around further easing.Yeah, So I do think, you know, we w ...

Core Insights - The company has reported strong performance in both the funeral and cemetery segments, indicating a positive outlook for these lines of business [2][3] - The funeral segment has seen a normalization of volumes post-COVID, with average prices experiencing inflationary increases over the past several decades, continuing even during the high inflation periods of 2022 and 2023 [2] - The cemetery segment remains robust, with dynamics in pre-need cemetery sales that include both large sales and core consumer sales, although large sales can be inconsistent [3]

Economic Indicators - September factory orders are expected to rise by +0.3% month-over-month [1] - September personal spending and personal income are both expected to increase by +0.3% month-over-month [1] - The September core PCE price index is anticipated to climb by +0.2% month-over-month and +2.8% year-over-year [1] - The University of Michigan's December consumer sentiment index is expected to rise by +1.0 to 52.0 [1] Labor Market - US weekly initial unemployment claims fell by -27,000 to a 3-year low of 191,000, contrary to expectations of an increase to 220,000 [3] - November Challenger job cuts rose by +23.5% year-over-year to 71,321, which is the highest for November in three years but lower than the expected +48.0% year-over-year increase [3] Corporate Earnings - 83% of S&P 500 companies exceeded earnings forecasts in Q3, marking the best quarter since 2021, with earnings rising by +14.6%, significantly above the expected +7.2% year-over-year [7] - Dollar General's Q3 net sales reached $10.65 billion, surpassing the consensus of $10.62 billion, and the company raised its 2026 net sales forecast to +4.7% to +4.9% [13] - Hormel Foods reported Q4 adjusted EPS of 32 cents, exceeding the consensus of 30 cents, and forecasted 2026 adjusted EPS of $1.43 to $1.51 [14] - Five Below reported Q3 net sales of $1.04 billion, stronger than the consensus of $975.3 million, and raised its 2025 net sales forecast to $4.62 billion to $4.65 billion [15] Stock Market Movements - Dollar General's stock rose more than +8% following its positive earnings report [13] - Meta Platforms increased by more than +3% after announcing budget cuts for its metaverse group [14] - Micron Technology led losses in the Nasdaq 100, down more than -3% [12] - Kroger's stock fell more than -5% after reporting Q3 sales of $33.9 billion, below the consensus of $34.2 billion [18]

HIGHER. DESPITE SOME AUCTIONS OVERNIGHT THAT DID BETTER INTERNATIONALLY. RIGHT NOW WE ARE GETTING INITIAL JOBLESS CLAIMS, WHICH IS THE KEY DATA WE GET AFTER WE GET THE CHALLENGER, AND THEY COME IN LESS THAN EXPECTED.THEY WERE EXPECTED TO COME IN AT 220 THOUSAND. THEY CAME IN AT 190,000. IT WAS DOWN FROM WHAT WE SAW LAST WEEK.WHICH WAS 216,000. THE PEOPLE WHO ACTUALLY WERE RECEIVING UNEMPLOYMENT BENEFITS, LOWER TO 1.1% 9 MILLION FROM 1.9% 6 MILLION. IT IS LIKE PARSING HAIRS.IN THE RIGHT DIRECTION. THIS WOULD ...

Economic Data and Market Reaction - The ADP data indicated a loss of 32,000 private-sector jobs in November, marking the largest decline in 2.5 years, which initially caused stocks to fall [2] - Following the weak employment data, stocks rebounded, with the Dow Jones up 0.96% at 47,928, S&P 500 rising 0.38% to 6,855, and NASDAQ gaining 0.26% to 23,468 by the close [2] - The weak ADP report has increased expectations for a 25 basis point rate cut by the Federal Reserve next week [2][6] Treasury Bonds - The weak ADP data led to a decline in Treasury yields across the curve, with the 30-year bond yielding 4.73% and the 10-year note at 4.06% [3] - Some analysts suggest that the Fed may not only cut rates next week but could also follow up with another cut in January [3] Energy Sector - Oil prices increased as reports indicated that a potential peace deal regarding the Russia-Ukraine conflict was premature, with Brent Crude rising 0.61% to $62.83 and West Texas Intermediate up 0.84% to $59.13 [4] - Natural gas prices surged, closing at $5.00, a significant increase of 3.45%, with EQT Corp. identified as a favored stock in this sector [4] Precious Metals - Gold prices saw a slight increase, closing at $4,207, driven by dollar weakness and a report of central banks purchasing 53 tonnes of gold in October, the highest amount since 2025 [5] - Silver also continued to rise, last seen at $56.97 [5]

Core Insights - The "Spending Smile" analogy illustrates retirement spending patterns, showing a decrease at the beginning, stability in the middle, and an increase due to medical expenses towards the end of life [1][2] Group 1: Planning Strategies - Focus should be on planning for the first and last phases of retirement rather than the middle "dip" [3] - In the first phase, retirees are encouraged to spend on experiences and activities while in good health [4] - Long-term strategies are essential to ensure funds are available for end-of-life expenses, including deferred annuities and life insurance with long-term care riders [5] Group 2: Economic Considerations - Inflation is a critical factor that can affect retirement budgeting, necessitating a strategy that accounts for all income and expenses [6] - Retirees should aim to be debt-free or have a plan to eliminate debt before retirement, as this will provide necessary capital during retirement years [7]

Truflation has real-time inflation at 2.48% right now. https://t.co/5wS25CtRbO ...

Brazil’s economy lost momentum in the third quarter, reinforcing expectations that the central bank will lower borrowing costs as cooling economic activity helps to rein in stubborn inflation https://t.co/gQkkmHxdxS ...

Economic Outlook - The US economy is experiencing a slowdown but is not in a recession, with growth projected around high 1% and not quite reaching 2% through 2026 [1][2] - Historical long-term trend growth for the US is approximately 2% real GDP, indicating current growth is slightly below this trend [2] Federal Reserve Actions - Anticipation of a 25 basis points rate cut by the Federal Reserve next week, with further cuts expected through 2026 [3][5] - The Fed is moving towards a neutral rate around 3%, allowing room for cuts [5] Fiscal Policy Impact - Fiscal policies are providing tailwinds for the economy, including benefits from a significant bill that stimulates both companies and individuals [3][4] - Tax benefits for individuals are projected to average between $2,000 to $2,500 per person in 2026 [4] Inflation Trends - Inflation is expected to continue decreasing, albeit at a slower rate, with challenges in reaching the Fed's 2% target [6][8] - Rents and housing costs are anticipated to contribute positively to the inflation narrative as they decline [7][8] Market Sentiment - The current dovish stance of the Fed is expected to remain, with a focus on balancing inflation concerns and employment [10][11] - The uncertainty regarding the leadership of the Fed may impact market sentiment and risk in 2026 [9]

President Donald Trump assured Americans they would “win” on daily prices and affordability when he returned to the White House in January 2025. And while certain costs have dropped, others have risen despite lower inflation. Check Out: 3 Safest Investments To Hold In The Current Trump Economy Discover Next: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too While not every bill advancing under the president’s second term is directly related to economic policy, consumers sti ...